Biden would raise taxes by $2.4 trillion over the next decade

Related

By Trevor Hunnicutt

NEW YORK – Democratic U.S. presidential nominee Joe Biden would raise $2.4 trillion in new federal government revenue over the next decade, largely from tax hikes on corporations and the highest-income households, according to an analysis released on Thursday.

Analysts at the Urban-Brookings Tax Policy Center revised a March estimate that suggested Biden would raise around $4 trillion in taxes, a figure that closely tracked other studies.

The $4 trillion figure became a regular attack leveled by President Donald Trump against Biden ahead of their Nov. 3 election contest.

Since the March analysis, Biden promised not to raise taxes on people making less than $400,000 and proposed tax credits for people with children and businesses that invest in domestic manufacturing. Those proposals account for part of change in the analysis, according to the nonpartisan research group.

The center also pushed back its estimate of when most of the proposals would take effect from January 2021 to January 2022 because of the economic disruptions and legislative uncertainty caused by the coronavirus pandemic.

Democrats hope to win not just the presidency but also to take control of the Senate, which would have to sign off on any taxes Biden wished to raise and is currently controlled by Republicans.

Biden has promised to roll back some of the corporate and personal income tax cuts Trump and Congress finalized in late 2017. He would also increase the taxes high-income earners would pay towards Social Security, which provides insurance benefits to the elderly and others.

Democrats promise to raise estate taxes, prompting wealthy Americans to scramble to tax planners and make changes before the end of the year, Reuters reported this month.

Biden wants to allocate the increased government revenue towards plans to boost education and healthcare subsidies for lower-income people, as well as his infrastructure and climate change proposals, though it is not clear if such spending could be financed without deficits.

(Reporting by Trevor Hunnicutt; Editing by Aurora Ellis)

- Advertisement -
SourceReuters

Add your comment(s)

 

Latest

Biden says he would mandate masks in interstate transportation if elected

By David Shepardson Democratic presidential candidate Joe Biden on Friday said he would mandate masks in all interstate U.S. transportation if elected after the Trump...

Democrats in U.S. drilling states push back against Biden oil remarks

By Nichola Groom Democratic candidates in oil drilling states were quick to distance themselves on Friday from comments by their party's presidential candidate, Joe Biden,...

Arnold Schwarzenegger says feeling ‘fantastic’ after heart surgery

Action star Arnold Schwarzenegger said on Friday he has had heart surgery but is feeling "fantastic." "I have a new aortic valve to go along...

Investors’ bold bets on Biden win pose market risk

By Saqib Iqbal Ahmed and April Joyner With less than two weeks to go before the U.S. presidential election, investors may be placing too much...

Asia becomes second region to exceed 10 million coronavirus cases

By Anurag Maan Asia surpassed 10 million infections of the new coronavirus on Saturday, the second-heaviest regional toll in the world, according to a Reuters...

Trending